Could electronic banking lead you to bankruptcy?

With the increasing advent of electronic banking options, and cards of all kinds, can you really keep up with it all anymore. More importantly, could the proliferation of debit and credit options actually dive comsumers closer to bankruptcy?

I think so. In the days when people reconciled their statements, and debited their own accounts with a pencil and paper checkbook register, they had a more initimate connection with thier money, and certainly there was no temptation to “take an extra $20 cashback” at every transaction.

There is, of course no real obstacle to anyone keeping their records the old fashioned way, but with all honesty, the allure of techno whiz-bang stuff is to great for most of us.

But those who take the time to balance accounts with pencil and paper may ultimately have an advantage — they will have emotional control over their money, and therefore a huge advantage in avoiding bankruptcy (or successfully rebuilding from one).

 

By Doug Beaton

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